A new research/book project, 2019-2021
The just price (pretium iustum mathematicum) is the result of a diversity of sentiments and our uncertainty about the just price derives from the fact we don’t know in a determined way – given the diversity of sentiments – if the mathematical value is 90, or 100, or 95, and since each sentiment is a probable judgment it may be, in practice, a just price. The just price depends on so many circumstances that only God is allowed to know the mathematically just price.
Juan de Lugo, 1642
Patterns of price movement are not random. However, they’re close enough to random so that getting some excess, some edge out of it, is not easy and not so obvious – thank God. God probably doesn’t care. Thank whoever.
Jim Simons, 1996
The full project will be online soon
THE NATURE OF EXCHANGES 